Make Your Tenants Happy

Great communication is the root of every good relationship. Columbia SC property management companies’ staff will talk to the tenants, ask them how they are doing, whether they are satisfied, if they have any problems, etc. A good property management company will make the tenants feel that they can share any problems they may have, and as their landlord, you are there to help them.read more qualities of a property management company at http://columbiapropertymanagementpro.com/services/single-family-property-management/

It is not sufficient only to listen to what they have to say: make sure you solve the problems they are facing, and remove the cause of their complaints. They will appreciate you and the fact that you care. Besides, they will most likely decide to stay longer inside your property.

Emergency Preparedness

You should have an emergency plan which would help you be prepared for any possible emergency. The emergency plan should help you deal with unexpected situations and prevent injuries, fatalities, reduce damage to the property, protect the environment, etc.

When developing the emergency plan, you should have in mind:

What are the odds that certain situation will happen

What will be necessary to do or what will you need to get in order to deal with such a situation

What means are available to prevent or stop the unexpected situation?

Employees in any Columbia SC property management companies have to be properly educated and trained to be able to deal with sudden situations including natural hazards and technological hazards so that the tenants can feel safe and protected.

External Contractors

At one point or another, you will need contractors to solve certain problems on the property. Property management professionals have to be able to contact some of the external contractors at any time and therefore you should have their contact information easily accessible. This is also an important part of the emergency plan, since sometimes external contractors can prevent many things from happening, instead of dealing with damage which has already occurred.Click here to read qualities of a good property management companies.

Protect The Property

You want your tenants to feel safe at your property. Make sure the property is sufficiently protected and properly illuminated. Many tenants decide to sue their landlords after being injured or robbed by criminals. Try to avoid this, and if necessary invest additional amount of money to make the property safe and protected (video surveillance, burglar alarm, etc).

Make Paperwork A Thing Of Past

Paperwork is the thing of past. If you want to be efficient, it is crucial to use a good property management software. Paperwork, hard-copy reports, folders and files require more space and it is difficult to arrange and find something when you need it. It is much easier to manage your property and keep records by using a good property management software.

Check Your Prospective Tenants

Columbia SC property management companies are seasoned professionals. They will not rent the property unless they check the prospective tenants’ history, background and references.
They will avoid accepting the tenants who will trash the property, avoid paying the rent or cause problems to other tenants.

All of these pieces of advice can help Columbia SC property management companies to improve their service, and make their tenants live happily ever after at the property they are renting.

Signing a property management contract is a useful tool if you own a real estate and you need help managing it. Besides, this contract can help you in case you manage someone else’s property as an independent contractor. Signing a property management contract will protect the owner or the independent contractor. However, sometimes the property owner is not satisfied with the results and he wants to terminate the contract. This has to be done in accordance with the terms for contract termination, included in the property management contract. Visit http://www.estate3d.com/columbia-sc-property-management-4-mistakes-home-sellers-make/ to read 4 mistakes that most home sellers make.Here are some useful tips for the owners who want to terminate their property management contract:

Check The Terms For Contract Termination

The terms for contract termination contain provisions regarding the termination, which the owner has to take into account before deciding to end the contract. Also, after you decide to end the contract, you need to meet the requirements imposed by the termination provisions so that the termination request can be honored.Click here to read more information about terminating tenancy contract.

Give Notice

When giving the notice, the owner has to have in mind the provisions related to the notice. How many days in advance one has to give the notice to the property management company in Columbia SC? Some contracts provide 30 days notice, 60 days or 90 days and it is important to comply with the provisions.

Written Notice

You should have a proof of sending the written notice and request the return receipt so in case of dispute you will be able to prove that the property management company received the notice. The notice should contain the date of contract termination.

It Is Not Personal

“It’s not personal. It’s just business.” Yes, this is a quote from Godfather. Don’t let the personal relation to the manager get in way of your business interest. If the manager’s results are poor, it is time to end the relationship.

Intentional Violation

In case the property management company in Columbia SC violates the terms of the contract, that is the right time to end it. It is difficult to regain trust in the property manager who once worked against the owner’s best interest.

Costs

Even if the contract provides the early termination, the owner should check if there are costs related thereto. Property Management Company will lose some money in case of early termination and therefore he/she will want to protect his interests. The best way to do it is to impose a large amount for the owner to pay, so the owner would be deterred from terminating the contract too soon.

Cause

Signing a property management contract not requiring the cause for ending the contract is a convenient option for the property owners. Nevertheless, if the contract already requires the cause for terminating the contract, the owner has to provide the reason. An owner who tries to terminate the contract without a (valid) reason, can be held liable for breach of contract. Therefore, before signing this type of contract the owner should consider the option of omitting the cause for termination since it would be favorable to him later on.

If you take into account these facts, you will avoid unpleasant situations with your Columbia SC property management company in Columbia SC in case of (early) contract termination.

Short sale in the context of property management means selling property at any price lower than the amount owed to the bank. This happens when the lender and borrower agree that selling the property at lower price is a better option as compared to the borrower’s default on the loan.

For example, a homeowner cannot pay back the loan and is facing foreclosure on $400,000 mortgage. He sells the property for $350,000 and he still owes $50,000 to the bank. Of course, the transaction can be done only with the bank’s approval.visit http://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure to read more information about how to avoid foreclosure.

Short Sale

After learning that he cannot pay back the loan, the homeowner should contact the bank and corroborate the claim by presenting the necessary documents. When it comes to the documents, every bank has its own requirements. In any event, the homeowner has to prove that cannot pay back the loan.

When the homeowner shows that he is unable to pay, the real estate prices in the area which would indicate approximate price of the property and other required documents, the bank can approve the short sale.read more information about short sale by clicking here

The property may not be sold right away; it can take some time given that people generally need more time to make the purchase decision and the real estate market place situation changes from time to time. This means that the homeowner can live in the home rent-free (for several months) until his home gets sold.

How About Your Credit Score?

Short sale will lower the homeowner’s credit score. However, this is not a point “con” as the homeowner’s credit will not be lower than if he opted for foreclosure. In the worst case scenario, the credit score will be about the same.

Nevertheless, the impact of the short sale as a property management tool on the homeowner’s credit score will depend on how the lender (the bank) reports the short sale to consumer reporting agency. Most banks use the term “settled” in case of short sale. If the homeowner can negotiate with the bank to use the term “paid” instead, the homeowner’s credit will not be that badly damaged. Besides, if the homeowner had multiple non-payments, late payments or partial payments it will influence the credit score.

Taxes

Once the short sale is completed, if the lender forgives the deficiency the homeowner can owe taxes on this amount. The reason behind this is that the forgiven amount is considered as revenue by the Internal Revenue Service (IRS). According to IRS, the homeowner who did not pay off the whole amount owed, received income.

However, it is possible to exclude part or the whole forgiven amount under the Federal Mortgage Forgiveness Debt Relief Act of 2007, if certain conditions are met. For example, it can happen so that the homeowner tapped into his home equity and used money for purchase unrelated to the home. This amount will be considered as taxable income since it was not used for upgrading the home. One of the conditions incorporated in the Federal Mortgage Forgiveness Debt Relief Act is that the forgiven debt was used for upgrading or improving the property. Therefore, the homeowner can avoid this by using the forgiven amount exclusively for upgrading his home, and there will be no tax liability.

Real estate is one of the top investments in the world today. While prices are lower than they were a decade ago, this is an ideal time to buy property. Investors in rental properties can often rent the home for more than the monthly payment and see its value increase over time. However, whether you own one or several rentals, managing them can be a headache. Many owners have turned to a Sacramento property management company for assistance. Follow http://columbiapropertymanagementpro.com link to learn more.

Professional property managers offer many advantages to the owner. Their job is to protect your investment and make sure you receive payment on time each month. When a property becomes vacant, they can handle the situation, providing screening of applicants to ensure that only well qualified tenants move into your investment property. If problems develop at a later time, they are experienced at helping to vacate the property quickly to minimize your losses.Read more information about property management services by clicking here

One of the problems many new real estate investors experience when trying to manage a unit on their own are the calls for maintenance. If the furnace stops working in the middle of a cold night, the tenant will call for assistance. Owners of several properties may seem to be flooded with this type of maintenance call. While tenants are living on site, managing companies are able to schedule any maintenance needs that arise.

When tenants move out of a property, it must often be prepared before it is ready to show. Whether the need is for minor touch up painting or major repairs, the company has connections with trusted contractors who are able to do the work at a fair price. This minimizes the time the home is sitting empty and the owner is not collecting rent payments.

The loss of property value with the burst of the housing bubble has many property owners finding they have become landlords due to job transfers. While managing a home in the town where you live is difficult, managing one that is miles away is almost impossible. In these instances property managers become your eyes and ears to ensure the renters are taking care of the investment. Use of this type of service also allows owners to diversify and own property in several different locations easily.

Today, these companies are also a good option for the renter. Many managers offer a website that allows the client to pay their rent online. This eliminates the need to locate a renter to collect a check. The tenant simply logs into the account and the rent is transferred quickly to your account with no need for checks to clear.

If you own rental property and are tired of all the hassle of managing your investment follow this link. You will find you are able to allow a Sacramento property management company the amount of control you want. Whether you choose for them to take control of managing the property completely with you collecting the profits or you want them to screen tenants and collect rent you will find the plan that is exactly right for your needs.